viewAnson Resources Ltd

Anson Resources completes fully subscribed placement

The historic Gold Bar Unit 2 well is located within the flagship Paradox Lithium Brine Project in the U.S. state of Utah.

Lithium brine grades at Paradox are comparable to the world's highest

Anson Resources (ASX:ASN) has completed a private placement of ~42 million shares priced at $0.011 to professional and sophisticated investors raising $461,961.32.

Funds from the private placement, which was fully subscribed, will be used to re-enter the historic Gold Bar Unit 2 oil well to test super saturated brines for lithium.

The Gold Bar Unit 2 well has been previously drilled to a depth of 9,862 feet in search of oil.

The Clastic 31 Zone, targeted by Anson, which is known to contain supersaturated brines is located at 7,080 feet.

The company plans to re-enter the hole and test the brines for lithium subject to government approval.

The re-entry sampling drilling program is expected to be conducted in the December quarter of 2017.

Subject to shareholder approval, investors in the placement will also be issued a 1:1 free attaching option exercisable at $0.025 and expiring 10 August 2018.

Paradox Lithium Brine Project

The Paradox project is located in the resources friendly jurisdiction of Utah and is an 11-hour drive to the Tesla Gigafactory in the neighbouring state of Nevada.

It is located 4 kilometres from an operating potash mine and in a semi-desert region that has 300 days of sun per year.

Historical brine analysis taken within 800 metres of the project produced results ranging from 500 ppm to1,700 ppm lithium, comparable to the world's highest grades of lithium brine.

The project covers an 8.9-kilometre strike length along what is known as Robert’s Rupture, a significant rift, thought to be a source of lithium rich brines.

Paradox is one of three projects in Anson’s portfolio that provide exposure to a range of clean energy commodities and geographical locations.

- Paradox Lithium Brine Project (Utah, U.S.);
- Ajana Graphite Project (Western Australia); and
- Hooley Wells Nickel-Cobalt Laterite Project (Western Australia).

Quick facts: Anson Resources Ltd

Price: 0.025 AUD

Market: ASX
Market Cap: $19.59 m

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Anson Resources initiates $3 million fundraising to advance its Paradox...

Anson Resources Ltd (ASX:ASN) CEO Bruce Richardson tells Proactive the firm has launched a share purchase plan (SPP) offer to raise up to $2 million as part of a $3 million capital raising effort to advance its Paradox Brine Project in Utah. Richardson says the funds raised will be used to...

on 17/6/20

2 min read